Dust off that bike or invest in a bus pass, gas prices will jump 40% for the summer driving season compared to 2010, according to federal projections released Tuesday.
Retail prices for a gallon of regular-grade gasoline will average $3.86 from April through September, up from $2.76 for the same period last year, according to the Energy Information Administration (EIA), the statistics arm of the Energy Department.
The average U.S. household’s vehicle fueling costs will be about $825 greater this year than last year, hitting $3,360 in 2011, according to EIA.
The catalyst for the increase, according to EIA, will be continuing strength in worldwide liquid fuels consumption.